Civic Intelligence

Belmont Savings Bank Foundation

EIN 45-3029284 • Belmont, MA

Pub. 78 Eligible990-N Coverage
PO Box 407Belmont, MA 02478

www.belmontsavingsfoundation.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

43rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

$500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

44th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

$500k-$1M nonprofits • Source year 2024

Net Margin

1st percentile

-1680%

Higher net margin than 1% of similar nonprofits.

$500k-$1M nonprofits • Source year 2024

Top Officer Pay

58th percentile

$500

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

$500k-$1M nonprofits • Source year 2024

Asset Growth

3rd percentile

-75%

Faster asset growth than 3% of similar nonprofits.

$500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

1st percentile

-97%

Faster revenue growth than 1% of similar nonprofits.

$500k-$1M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Down

$940,101

Down $2,804,507 (-75%) from 2023

Liabilities

Flat

$0

Flat from 2023

Net Assets

Down

$940,101

Down $2,804,507 (-75%) from 2023

Operations
Liabilities / Revenue44th percentileNet Margin1st percentile

Revenue

Down

$166,837

Down $5,278,334 (-97%) from 2023

Expenses

Up

$2,970,246

Up $2,673,393 (+901%) from 2023

Net Income

Down

-$2,803,409

Down $7,951,727 (-154%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth3rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2012: $2,334,631Liabilities 2012: $39,0222012Assets 2013: $2,728,491Liabilities 2013: $18,3102013Assets 2014: $3,353,191Liabilities 2014: $310,7012014Assets 2015: $4,085,098Liabilities 2015: $606,3042015Assets 2019: $6,259,854Liabilities 2019: $1,691,5002019Assets 2020: $4,850,842Liabilities 2020: $1,681,500Net Assets 2020: $3,169,3422020Assets 2021: $6,737,081Liabilities 2021: $1,681,500Net Assets 2021: $5,055,5812021Assets 2022: $6,430,748Liabilities 2022: $1,681,500Net Assets 2022: $4,749,2482022Assets 2023: $3,744,608Liabilities 2023: $0Net Assets 2023: $3,744,6082023Assets 2024: $940,101Liabilities 2024: $0Net Assets 2024: $940,1012024

Highlighted filing

2024

Assets$940,101
Liabilities$0
Net Assets$940,101
Open 2024 Filing

Operations Trend

Revenue Growth1st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2012: $860Expenses 2012: $75,932Net Income 2012: -$75,0722012Revenue 2013: $192Expenses 2013: $89,731Net Income 2013: -$89,5392013Revenue 2014: $8Expenses 2014: $322,714Net Income 2014: -$322,7062014Revenue 2015: $0Expenses 2015: $295,726Net Income 2015: -$295,7262015Revenue 2019: $191,601Expenses 2019: $255,787Net Income 2019: -$64,1862019Revenue 2020: $258,105Expenses 2020: $229,029Net Income 2020: $29,0762020Revenue 2021: $261,710Expenses 2021: $134,502Net Income 2021: $127,2082021Revenue 2022: $218,639Expenses 2022: $271,980Net Income 2022: -$53,3412022Revenue 2023: $5,445,171Expenses 2023: $296,853Net Income 2023: $5,148,3182023Revenue 2024: $166,837Expenses 2024: $2,970,246Net Income 2024: -$2,803,4092024

Highlighted filing

2024

Revenue$166,837
Expenses$2,970,246
Net Income-$2,803,409
Open 2024 Filing

Filings

Most recent year

2024 • Form 990PFDetailed filing. Detailed filing data is available for this year.

Open filing
Assets
$940,101
Liabilities
$0
Net assets
$940,101
Revenue
$166,837
Expenses
$2,970,246
Net income
-$2,803,409
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.94$0.00$0.94$0.17$2.97$2.80
2023Detailed filing. Detailed filing data is available for this year.$3.74$0.00$3.74$5.45$0.30$5.15
2022Detailed filing. Detailed filing data is available for this year.$6.43$1.68$4.75$0.22$0.27$0.05
2021Detailed filing. Detailed filing data is available for this year.$6.74$1.68$5.06$0.26$0.13$0.13
2020Detailed filing. Detailed filing data is available for this year.$4.85$1.68$3.17$0.26$0.23$0.03
2019Summary only. Only limited summary data is available for this year.$6.26$1.69$0.19$0.26$0.06
2015Summary only. Only limited summary data is available for this year.$4.09$0.61$0.00$0.30$0.30
2014Summary only. Only limited summary data is available for this year.$3.35$0.31$0.00$0.32$0.32
2013Summary only. Only limited summary data is available for this year.$2.73$0.02$0.00$0.09$0.09
2012Summary only. Only limited summary data is available for this year.$2.33$0.04$0.00$0.08$0.08
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 5, 2025
Return Version
2024v5.1
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert J MorrisseyChairman-$500-$500
M Patricia BruschTreasurer-$500-$500
Hal R TovinSecretary-$500-$500
S Warren FarrellDirector-$500-$500
Filing and Contact Details

Filer

Filer Name
Belmont Savings Bank Foundation
EIN
45-3029284
Phone
6172906216
Address
PO Box 407, Belmont, MA 02478

Signing Officer

Name
Hal R Tovin
Title
Secretary
Phone
6172906216
Signed
2025-05-05
Discuss with paid preparer
Yes

Preparer

Firm
Baker Newman & Noyes
Address
PO Box 507, Portland, ME 04112
Preparer
Connor Smart
Phone
2078792100
Raw XML Appendix334 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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DissolutionStmt/DissolutionInformationGrp/DissolutionAmt02860000
DissolutionStmt/DissolutionInformationGrp/ShortExplanationTxt0Charitable donations.
DissolutionStmt/DissolutionInformationGrp/USAddress/AddressLine1Txt0See Liquidation Statement and Part
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IRS990PF/OfficerDirTrstKeyEmplInfoGrp/OfficerDirTrstKeyEmplGrp/PersonNm0Robert J Morrissey
IRS990PF/OfficerDirTrstKeyEmplInfoGrp/OfficerDirTrstKeyEmplGrp/PersonNm1M Patricia Brusch
IRS990PF/OfficerDirTrstKeyEmplInfoGrp/OfficerDirTrstKeyEmplGrp/PersonNm2Hal R Tovin
IRS990PF/OfficerDirTrstKeyEmplInfoGrp/OfficerDirTrstKeyEmplGrp/PersonNm3S Warren Farrell
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IRS990PF/OfficerDirTrstKeyEmplInfoGrp/OfficerDirTrstKeyEmplGrp/TitleTxt2Secretary
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IRS990PF/StatementsRegardingActyGrp/WebsiteAddressTxt0www.belmontsavingsfoundation.com
IRS990PF/SumOfProgramRelatedInvstGrp/TotalAmt00
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/FormAndInfoAndMaterialsTxt0Applications and complete instructions are available on the website: http://www.belmontsavingsfoundation.com/belmont-savings -bank-foundation-grants Applicants submitting proposals for funding should be prepared to provide the following materials with their applications: (i) an organizational summary; (ii) specific purpose for funding request; (iii) an explanation for the need of the project/service in the community; (iv) an overall budget for the proposal; (v) a copy of the applicant's most recently audited financial statements; (vi) an explanation for how the success of the proposal and use of funds is to be measured; (vii) applicant's grant activity and funding from other sources; and (viii) information on the applicant's Executive Director.
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientEmailAddressTxt0[email protected]
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientPersonNm0Ellen Schreiber Program Director
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientPhoneNum06172906216
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientUSAddress/AddressLine1Txt0PO Box 407
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientUSAddress/CityNm0Belmont
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientUSAddress/StateAbbreviationCd0MA
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RecipientUSAddress/ZIPCd002478
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/RestrictionsOnAwardsTxt0The role of the Belmont Savings Bank Foundation is to support not-for-profit groups, institutions, schools and other organizations as a way of adding to the quality of life for people living in the Belmont community. Awards are generally limited to the Belmont community. Grant recipients must demonstrate Section 501(c)(3) or 501(c)(1) status and relevance to the Foundation's mission. The Foundation does not provide financial support for political organizations or candidates, activities for religious purposes, contributions to individual endeavors or scholarships.
IRS990PF/SupplementaryInformationGrp/ApplicationSubmissionInfoGrp/SubmissionDeadlinesTxt0Grants are awarded quarterly: January 15th, April 15th, July 15th & October 15th
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/Amt010000
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/Amt12850000
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/GrantOrContributionPurposeTxt0Outstanding teacher awards
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/GrantOrContributionPurposeTxt1Library and ice rink projects
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientBusinessName/BusinessNameLine1Txt0Belmont Education Foundation
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientBusinessName/BusinessNameLine1Txt1Town of Belmont Massachusetts
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientFoundationStatusTxt0PC
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientFoundationStatusTxt1GOV
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientRelationshipTxt0N/A
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientRelationshipTxt1N/A
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/AddressLine1Txt0PO Box 518
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/AddressLine1Txt1455 Concord Avenue
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/CityNm0Belmont
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/CityNm1Belmont
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/StateAbbreviationCd0MA
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/StateAbbreviationCd1MA
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/ZIPCd0024780004
IRS990PF/SupplementaryInformationGrp/GrantOrContributionPdDurYrGrp/RecipientUSAddress/ZIPCd102478
IRS990PF/SupplementaryInformationGrp/TotalGrantOrContriApprvFutAmt00
IRS990PF/SupplementaryInformationGrp/TotalGrantOrContriPdDurYrAmt02860000
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/LoansOrLoanGuaranteesInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/PerformanceOfServicesEtcInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/PurchaseOfAssetsNonchrtblEOInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/ReimbursementArrangementsInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/RelationshipsNonchrtblEOInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/RentalOfFacilitiesOthAssetsInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/SalesOrExchangesOfAssetsInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/SharingOfFacilitiesEtcInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/TrnsfrOfCashToNonchrtblEOInd00
IRS990PF/TrnsfrTransRlnNonchrtblEOGrp/TrnsfrOtherAssetNonchrtblEOInd00
IRS990PF/UndistributedIncomeGrp/AppliedToCurrentYearAmt0154402
IRS990PF/UndistributedIncomeGrp/AppliedToPriorYearsAmt00
IRS990PF/UndistributedIncomeGrp/AppliedToYear1Amt040343
IRS990PF/UndistributedIncomeGrp/CorpusDistri170b1EOr4942g3Amt00
IRS990PF/UndistributedIncomeGrp/DistributableAsAdjustedAmt0154402
IRS990PF/UndistributedIncomeGrp/ExcessDistributionCyovAppCYAmt00
IRS990PF/UndistributedIncomeGrp/ExcessDistriCyovAppCYCorpusAmt00
IRS990PF/UndistributedIncomeGrp/ExcessDistriCyovFromYr5Amt00
IRS990PF/UndistributedIncomeGrp/ExcessDistriCyovToNextYrAmt02701732
IRS990PF/UndistributedIncomeGrp/ExcessFromCurrentYearAmt02701732
IRS990PF/UndistributedIncomeGrp/PriorYearDeficiencyOrTaxAmt00
IRS990PF/UndistributedIncomeGrp/PriorYearUndistributedIncmAmt00
IRS990PF/UndistributedIncomeGrp/QualifyingDistributionsAmt02896477
IRS990PF/UndistributedIncomeGrp/RemainingDistriFromCorpusAmt02701732
IRS990PF/UndistributedIncomeGrp/Taxable1Amt00
IRS990PF/UndistributedIncomeGrp/Taxable2Amt00
IRS990PF/UndistributedIncomeGrp/TotalCorpusAmt02701732
IRS990PF/UndistributedIncomeGrp/TotalExcessDistributionCyovAmt00
IRS990PF/UndistributedIncomeGrp/TotalForPriorYearsAmt00
IRS990PF/UndistributedIncomeGrp/TreatedAsDistriFromCorpusAmt00
IRS990PF/UndistributedIncomeGrp/UndistributedIncomeCYAmt00
IRS990PF/UndistributedIncomeGrp/UndistributedIncomePYAmt040343
LegalFeesSchedule/LegalFeesGrp/CategoryTxt0Legal Fees
LegalFeesSchedule/LegalFeesGrp/DisbursementsCharitablePrpsAmt0898
LegalFeesSchedule/LegalFeesGrp/LegalFeesAmt0898
LegalFeesSchedule/LegalFeesGrp/NetInvestmentIncomeAmt00
LiquidationExplanationStmt/ExplanationTxt0For the period covered by this Form 990-PF, the Foundation experienced a substantial contraction of net assets as defined by IRS Instructions for the Form 990-PF. This contraction in net assets was due to the Foundation making substantial charitable grants above and beyond its minimum distribution requirements and current year income; seeing great need for assistance in areas that are important to the Foundation, the Foundation paid higher than usual grants during this tax year in furtherance of its charitable goals. However, as of this return's filing, the Foundation has not dissolved or terminated as a tax filing entity.
OtherDecreasesSchedule/OtherDecreasesDetail/Amt01098
OtherDecreasesSchedule/OtherDecreasesDetail/Desc0Book-to-tax income timing differences
OtherExpensesSchedule/OtherExpensesScheduleGrp/Desc0Office Expenses
OtherExpensesSchedule/OtherExpensesScheduleGrp/Desc1Marketing
OtherExpensesSchedule/OtherExpensesScheduleGrp/Desc2State Registration Fees
OtherExpensesSchedule/OtherExpensesScheduleGrp/Desc3Postage
OtherExpensesSchedule/OtherExpensesScheduleGrp/DisbursementsCharitablePrpsAmt0952
OtherExpensesSchedule/OtherExpensesScheduleGrp/DisbursementsCharitablePrpsAmt12400
OtherExpensesSchedule/OtherExpensesScheduleGrp/DisbursementsCharitablePrpsAmt2180
OtherExpensesSchedule/OtherExpensesScheduleGrp/DisbursementsCharitablePrpsAmt3222
OtherExpensesSchedule/OtherExpensesScheduleGrp/NetInvestmentIncomeAmt00
OtherExpensesSchedule/OtherExpensesScheduleGrp/NetInvestmentIncomeAmt10
OtherExpensesSchedule/OtherExpensesScheduleGrp/NetInvestmentIncomeAmt20
OtherExpensesSchedule/OtherExpensesScheduleGrp/NetInvestmentIncomeAmt30
OtherExpensesSchedule/OtherExpensesScheduleGrp/RevenueAndExpensesPerBooksAmt0952
OtherExpensesSchedule/OtherExpensesScheduleGrp/RevenueAndExpensesPerBooksAmt12400
OtherExpensesSchedule/OtherExpensesScheduleGrp/RevenueAndExpensesPerBooksAmt2180
OtherExpensesSchedule/OtherExpensesScheduleGrp/RevenueAndExpensesPerBooksAmt3222
OtherProfessionalFeesSchedule/OtherProfessionalFeesDetail/Amt028500
OtherProfessionalFeesSchedule/OtherProfessionalFeesDetail/CategoryTxt0Program Director Fees
OtherProfessionalFeesSchedule/OtherProfessionalFeesDetail/DisbursementsCharitablePrpsAmt028500
OtherProfessionalFeesSchedule/OtherProfessionalFeesDetail/NetInvestmentIncomeAmt00
TaxesSchedule/TaxesDetail/Amt072444
TaxesSchedule/TaxesDetail/CategoryTxt0Excise Taxes
TaxesSchedule/TaxesDetail/DisbursementsCharitablePrpsAmt00
TaxesSchedule/TaxesDetail/NetInvestmentIncomeAmt00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Hal R Tovin
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Secretary
ReturnHeader/BusinessOfficerGrp/PhoneNum06172906216
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Belmont Savings Bank Foundation
ReturnHeader/Filer/BusinessNameControlTxt0BELM
ReturnHeader/Filer/EIN0453029284
ReturnHeader/Filer/PhoneNum06172906216
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO Box 407
ReturnHeader/Filer/USAddress/CityNm0Belmont
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd002478
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0010494526
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Baker Newman & Noyes
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO Box 507
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Portland
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ME
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd004112
ReturnHeader/PreparerPersonGrp/PhoneNum02078792100
ReturnHeader/PreparerPersonGrp/PreparationDt02025-05-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Connor Smart
ReturnHeader/ReturnTs02025-05-12T09:30:17-05:00
ReturnHeader/ReturnTypeCd0990PF
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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